Tuesday, June 23, 2015

Elliott means never having to say you're sorry

Even in times of deepest anxiety and confusion, we're obligated to put up some sort of count.

I could see us top right around 2150 SPX about a week into July.  Back to 1820 SPX a mere calendar month later, rolling over into the wave 3 near the end of August.

FWIW, here's my count.  The 5th wave in the ending-diagonal since the October lows turns out to be a very mundane 5-3-5 zig-zag, with (a) and (c) of 5 very similar to each other.

SPX 06-23

Good luck to all (bears).


Christian Gustafson said...

ZOMG, the Karl Denninger is STILL pumping BlackBerry, like it has any change of all of ever mattering again.

That could have a rather-interesting impact on those who are short the company's stock...

Down 4% yesterday, another 1% this morning before the open.

I think Karl thinks we care enough about this stock to short it. Actually, BBRY only serves as a barometer for laughing at that poor lost soul.

BBRY is a wasting asset, whose value declines as their platform ages. Even the recent departure of another jerk VP from the Microsoft wasn't enough to pop BlackBerry on acquisition rumors.

At some point, they may as well let Denninger sign on as CEO. Why not?

Christian Gustafson said...

And the BlackBerry comments roll in from the winners on the TickerForum ...

I bought the dip!

Indeed, but I'm in for the long run. Down now up later.. betting on it going up.

Nice job, Karl!

Permabear Doomster said...

CG, I think you'd be more happy to see BBRY @ $0.00 than sp' 400

Christian Gustafson said...

That's probably true, Doomie.

BBRY making dangerous new lows this morning -- next support in the low 7s, then 5s.